Acceptable Accounting Practices

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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indymtc
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Joined: Tue Dec 15, 2009 1:02 pm

Acceptable Accounting Practices

Post by indymtc »

Is it ever an acceptable accounting practice to credit an expense account?

JohnDMeyers
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Re: Acceptable Accounting Practices

Post by JohnDMeyers »

Oh sure. Sometimes we handle a refund from a vendor by crediting the expense account.

Also, correction (reversal entries).

There are probably other reasons, as well.
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